KeepKey hardware wallet – February 2019 review

KeepKey Wallet

KeepKey is a bitcoin hardware wallet that provides security against virtual and physical theft. Now, a lower price tag means more users can give it a try.

KeepKey is a secure hardware wallet that provides access to the world’s leading cryptocurrency assets. Launched in 2015, KeepKey uses technology to provide users with a secure environment for storing their cryptocurrencies. As a Hierarchical Deterministic (HD) wallet, KeepKey can be thought of as a miniature computer designed specifically for storing private keys.

KeepKey’s recent price cut makes it an affordable option for users looking for a combination of value and security when managing their cryptocurrency wallets.

Pros

Cons

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

What is KeepKey?

As an HD wallet, KeepKey allows you to generate and store an unlimited number of private keys. A “private key” is a sophisticated form of cryptography that allows you to access your cryptocurrency.

In addition to bitcoin, the KeepKey wallet enables the storage and transaction of a variety of cryptocurrencies, including Ethereum, Litecoin, Dash, Dogecoin and Namecoin.

This is ideal if you’re using multiple cryptocurrencies or looking to build a portfolio of digital assets. KeepKey integrates with the wallet software on your computer by taking over private key generation, private key storage and transaction signing.

What’s in the box?

Which currencies can I store?

Bitcoin

Ethereum

Litecoin

Dash

Dogecoin

Namecoin

How do I add currency to my wallet?

Getting started with KeepKey is as easy as downloading two Chrome applications – one for generating a wallet and one for connecting to KeepKey through Chrome. After the initial setup, you simply add an account and select the cryptocurrency you want to add or exchange.

This enables you to deposit cryptocurrency and exchange one for another (eg, you can exchange an amount from your bitcoin account to your Ethereum account).

How do I make or receive payments with my KeepKey?

The process for sending and receiving payments does not change with KeepKey. The only difference is that your computer no longer stores the private keys, which means it is not able to sign transactions. Instead, transactions must be passed to the KeepKey in order to be signed. Once a request is received by the KeepKey, users are notified and prompted to make a manual confirmation.

Once approved, the transaction is signed and returned to the computer client to be announced on the cryptocurrency network (eg, bitcoin, Ethereum, etc). Although users don’t need to install any drivers to use KeepKey, they need one of the special software applications mentioned above or the KeepKey Chrome app.

How secure is KeepKey?

KeepKey is considered one of the most secure HD wallets on the market. As such, it has several security measures.

Private Key. Your private key is stored directly on KeepKey and never leaves the device.

Recovery Sentence. The entire wallet is backed up with a 12-word recovery sentence that is generated on setup. This sentence can be used to recover your private keys in the event your KeepKey wallet is lost or stolen.

Passphrase. Additionally, users have the option of selecting an additional word that is attached to the recovery sentence. KeepKey does not recommend using the passphrase feature unless you understand the consequences of doing so.

Where can I get KeepKey?

KeepKey can be purchased directly via the company’s website or through Amazon. These are the only two official vendors, which means you should avoid purchasing the wallet on any other platform.

Pros and cons

Pros

Top-notch security standards make it virtually impossible for hackers or viruses to steal your private key.

Offers the same security features as more established products, such as TREZOR.

Attractive, professionally designed OLED display makes using the device easier than other similar products.

Provides access to the world’s leading cryptocurrencies.

New price offers great value.

Cons

A lack of web wallet means users must add software, such as Electrum or MultiBit, to make use of its applications.

Larger size makes it slightly less portable than TREZOR or Ledger, which can fit comfortably in your pocket.

Setup is fairly straightforward, but doesn’t allow users to save their progress.

Next steps

With this information in hand, you are now ready to give KeepKey serious consideration. To get started, simply visit the KeepKey website and place your order. In just a few days, you’ll receive the hardware wallet fully equipped with a USB cable and recovery card. All you need to do is turn on your computer, install the latest version of Chrome and have a pen handy for writing down your recovery sentence.

Frequently asked questions

If you forget your PIN, you will be locked out of KeepKey. The only way to recover your account(s) is with the recovery sentence. If the recovery sentence is forgotten, there is no way to recover your account.

KeepKey technology allows you to generate and store an unlimited number of private keys. It can also support a practically unlimited number of wallets, each with an unlimited number of private keys.

Since KeepKey is intended to store and secure all of your cryptocurrencies, it can be used with multiple computers.

Image source: KeepKey Wallet

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

Disclaimer - We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

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